Biopharma financing declined 36% in the second quarter of 2014 to $7.2 billion, compared with Q1’s $9.8 billion. (See Exhibit 1.) Just under 30 fewer deals were done in Q2 than in Q1 (131 vs. 159), but the first half of 2014’s $16.9 billion in dollar volume has out-paced H1 2013’s $15.6 billion, which even included two large outliers: Valeant Pharmaceuticals International Inc.’s simultaneous $2.3 billion FOPO [See Deal] and $3.2 billion debt offering [See Deal] to support its Bausch & Lomb Inc. acquisition. [See Deal] If those two Valeant deals are excluded, the financing environment in the first half of 2014 has far exceeded that of last year’s.
Exhibit 1
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